Scottish Radio hires Greenhill as rumours of Emap bid mount
Tuesday 02 November 2004
Scottish Radio Holdings has hired Greenhill, the corporate finance boutique, as a financial adviser, fuelling speculation that it is preparing for a £380m bid from Emap, which could come as soon as this month.
Speculation about the bid is now reaching fever pitch in the City, with some even suggesting a date - 16 November - the day that media group Emap announces its interim results.
Emap, which owns the Kiss and Magic radio brands, as well as consumer magazine and business publication divisions, bought a 27 per cent stake in rival SRH in January. It is one of the big three radio operators, but the recently announced merger of the other two - Capital Radio and GWR - has left it as a very distant second.
Any move by Emap now could mean that its purchase of SRH would be considered by competition authorities in parallel with the proposed Capital-GWR deal.
David Goode, who succeeded Richard Findlay as chief executive of SRH at the beginning of October, confirmed that he had hired Greenhill, whose recent assignments include advising the retailer Debenhams and the healthcare group Warner Chilcott when both groups attracted takeover bids.
Mr Goode, however, denied that Greenhill had been brought on board specifically to help meet a bid from Emap. "This is part of the normal course of events ... part of our on-going review of all our advisers," he said.
Paul Richards, an analyst at Numis Securities, said that if Emap bought SRH, it would probably sell off its target's local newspaper division, which could fetch some £150m.
Miranda Acland, Emap's communications director, said: "It [the SRH holding] is a strategic stake and we are quite prepared to play the long game."
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 Doctors remove 80 teeth from boy's jaw
- 3 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
Downfall of Dustin 'Screech' Diamond, the 'Saved By The Bell' star charged with bar stabbing
Syrian teenager Usaid Barho reveals how he escaped from Isis using a suicide vest
Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
Millions of Britons struggling to feed themselves and facing malnourishment
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Immigrants make UK racist, says Ukip councillor Trevor Shonk
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...